La. Admin. Code tit. 19 § VII-2115

Current through Register Vol. 50, No. 8, August 20, 2024

Section VII-2115 - Conditions for Disbursements of Funds

A. The secretary-treasurer and one of the following: president of the corporation, chairman, or executive director shall execute all necessary legal instruments at the closing after certification by counsel that all legal requirements have been met.

B. In the case that the co-investment is to be disbursed in a phased funding, the monies provided by the corporation shall be placed in an escrow account to be disbursed at the joint written request of both the venture capital fund co-investor and the project firm at the same rate of disbursement as that of the co-investor venture capital firm. The secretary-treasurer shall have the authority to release the funds from escrow.

La. Admin. Code tit. 19, § VII-2115

Promulgated by the Department of Economic Development, Economic Development Corporation, LR 15:462 (June 1989).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2331.